Dollar maintains upward momentum in Asia as havens retreat

The dollar was holding on to gains from Wednesday’s rally in Asia on Thursday while haven assets including gold and bonds softened as geopolitical tensions in the region eased.

The greenback maintained upward momentum in morning Asia trading, with the dollar index measuring it against a basket of peers up 0.1 per cent at 93 after rising 0.7 per cent on Wednesday.

The yen was off 0.3 per cent at ¥110.53, while the New Zealand dollar softened 0.5 per cent to $0.7167.

With tensions over North Korea subsiding gold was losing its lustre as a haven, dropping 0.5 per cent to $1,302.52.

Sovereign bond prices were falling in Asia trade, pushing up yields. Yield on the 10-year US Treasury was up 2 basis points at 2.148 per cent, while that on the equivalent Japense note rose 1 basis point to 0.003 per cent.

Yield on the 10-year Australian government bond was up 5 basis points at 2.726 per cent.

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